Citi and ING Germany alongside Korea Trade Insurance Corporation (K-Sure), and Swiss Export Risk Insurance (SERV) have closed a 12-year financing loan worth $521.5m for Petrovietnam Power Corporation (PV Power).

In a statement, Citi said the financing will support the completion of PV Power's Nhon Trach 3 and 4 power plants, which are set to be Vietnam's first liquefied natural gas (LNG) to electricity plants.

The facilities will be located in the southern Dong Nai province, and are expected to add 1,624 megawatts of capacity to Vietnam's electricity network.

Citi and ING acted as the joint coordinator and joint mandated lead arranger. Furthermore, Citi acted as K-Sure agent, global facility agent, security agent, intercreditor agent, and account bank and ING acted as SERV agent for this project.

“Nhon Trach 3 and 4 Power Plants are key national projects and will help meet the growing demand for power in the country. The projects will open a new chapter in the formation and development of the LNG project chain in Vietnam,” said PetroVietnam Corporation CFO Nguyen Duy Giang.